Promoting Access to Justice through Unclaimed Deposits Act of 2018

Promoting Access to Justice through Unclaimed Deposits Act of 2018

This bill requires financial institutions to deposit unclaimed funds into an interest- or dividend-bearing account. The interest or dividend generated from such a deposit must be transferred to an appropriate state account that also holds the interest generated from lawyer trust accounts.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5692 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5692

 To require financial institutions to deposit the principal amount of 
   any unclaimed deposit held by such institutions into interest or 
           dividend-bearing accounts, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 2018

Miss Gonzalez-Colon of Puerto Rico introduced the following bill; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To require financial institutions to deposit the principal amount of 
   any unclaimed deposit held by such institutions into interest or 
           dividend-bearing accounts, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Access to Justice through 
Unclaimed Deposits Act of 2018''.

SEC. 2. REQUIREMENT FOR DEPOSITS OF UNCLAIMED FUNDS.

    (a) Interest and Dividends Generated on Unclaimed Funds.--Each 
financial institution shall--
            (1) deposit the principal amount of any unclaimed deposits 
        the financial institution receives or holds into an interest or 
        dividend-bearing account; and
            (2) transfer any interest or dividend generated on such 
        amount to a fund or account of the State--
                    (A) in which such financial institution is located; 
                and
                    (B) into which such State deposits revenues from 
                interest on lawyers trust accounts.
    (b) Interest and Dividend Rate.--Each financial institution shall 
ensure that deposits into each account described in subsection (a)(1) 
earn the highest interest rate or dividend generally available to other 
customers of such institution if such account meets the same minimum 
balance or other minimum qualification for such interest rate or 
dividend.
    (c) Regulations Required.--Not later than 90 days after the date of 
enactment of this Act, the Federal Deposit Insurance Corporation and 
the Chairman of the National Credit Union Administration shall 
promulgate such rules as may be necessary to carry out this Act.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Financial institution.--The term ``financial 
        institution'' means--
                    (A) a bank, as defined in section 3(a) of the 
                Federal Deposit Insurance Act (12 U.S.C. 1813(a)); or
                    (B) a credit union, as defined in section 101(1) of 
                the Federal Credit Union Act (12 U.S.C. 1752(1)).
            (2) Interest on lawyers trust account.--The term ``interest 
        on lawyers trust account'' has the meaning given the term in 
        section 207(k)(5)(c) of the Federal Credit Union Act (12 U.S.C. 
        1787(k)(5)(C)).
            (3) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, and any territory or 
        possession of the United States.
            (4) Unclaimed deposit.--The term ``unclaimed deposit'' 
        means a deposit in the possession of a financial institution in 
        a deposit account which has become inactive or abandoned 
        pursuant to State law or regulation.
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